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Auto Refinance

Frequent Contributor

Auto Refinance

I just applied for auto ref with NFCU on friday 6 Jul and my application is still in process. I applied directly at the bank and I was told they will pull EQ only and my interest rate would be 10.5% instead of the 12% I am paying right now with citiauto. My EQ is 585 and my payment history is pretty good (one yr). Does any body think I have a shot. My payment will drop from 440 to 363 a month but I still plan to pay the 440. All I need is the reduced interest.
Message 1 of 7
6 REPLIES
Frequent Contributor

Re: Auto Refinance

Navy federal credit union would not refinanace my 2003 frod expedition because it is now worth only 14k and I owe 19k. Am I stock or what? I will appreciate any ideas. At first I thought they wouldn't approve me. They are willing to do it but my truck to them is worthless.
Message 2 of 7
New Contributor

Re: Auto Refinance

I have had great experiences with Navy Fed.  Never refinaced though but I don't see why it would matter since GAP insurance covers the upside down amount.  It might have to do with your credit history.  Just my option though.
Message 3 of 7
Frequent Contributor

Re: Auto Refinance



nathan wrote:
I just applied for auto ref with NFCU on friday 6 Jul and my application is still in process. I applied directly at the bank and I was told they will pull EQ only and my interest rate would be 10.5% instead of the 12% I am paying right now with citiauto. My EQ is 585 and my payment history is pretty good (one yr). Does any body think I have a shot. My payment will drop from 440 to 363 a month but I still plan to pay the 440. All I need is the reduced interest.



Please let me know what happens.  I am almost in the same identical position.  My current interest rate is double yours, but my credit score is about the same. 
 


Message Edited by monro411 on 07-10-2007 10:56 AM
Message 4 of 7
Frequent Contributor

Re: Auto Refinance

Oh yeah  I did not get approved by Road Loans.  I just applied at Capital One.  Waiting hopefully for the good news. 
Message 5 of 7
Frequent Contributor

Re: Auto Refinance

Please let us know  your result from cap one.
Message 6 of 7
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Frequent Contributor

Re: Auto Refinance

Cap One denied me.  Tuscani told me to try for a reconsideration. 
Message 7 of 7